Pretoria - President Jacob Zuma says he has initiated a feasibility study for an initiative aimed at supporting increased investment in line with the needs of the National Development Plan (NDP).
In his opening remarks at the Presidential Business Working Group meeting sitting in Pretoria on Friday, the President said the objective of the study would be to ascertain an appropriate mechanism to simplify and streamline regulatory procedures for investment, and to strengthen the approach to investment promotion, facilitation and aftercare.
“Initial consultative workshops were conducted towards the end of June 2015 and further engagements continue to take place.
“The draft discussion paper for the initiative is complete and its implementation plan is currently being developed. An announcement with further details will be made at an appropriate time,” said the President.
Accompanied by Deputy President Cyril Ramaphosa and various Cabinet ministers, the President is meeting with business leaders representing Business Unity South Africa and the Black Business Council to discuss collaboration in removing obstacles to inclusive growth and job creation in line with the National Development Plan.
Areas that need intervention
He said the meeting was an opportunity to reflect on achievements, areas for intervention, as well as envisaged commitments since the last meeting in 2014.
“We will also intervene in cross-cutting areas to reform, boost and diversify the economy, such as science, technology and innovation; water and sanitation; transport infrastructure; broadband rollout and state owned companies,” said the President.
He said significant progress had been noted in a number of areas particularly on energy, education, industrialisation, regulatory measures, as well as other areas that need intervention for the economy to prosper.
“We also welcome the engagement on the progress to be presented by government on the nine-point plan endorsed by Cabinet, for which we solicit appropriate support from business,” he said.
The nine point plan was announced in the State of the Nation Address. It aims to:
- revitalise the agriculture and agro-processing value-chain;
- advance beneficiation and add value to the country’s mineral wealth;
- make more effective implementation of a higher impact Industrial Policy Action Plan;
- unlock the potential of SMMEs, co-operatives, township and rural enterprises;
- resolve the energy challenge;
- stabilise the labour market;
- scale-up private-sector investment and
- grow the ocean economy.
The President said a reflection on the country’s economic outlook was of utmost importance as government seeks appropriate interventions for it.
“For us to achieve major milestones, certain measures have to be put in place, including the institutional framework for this engagement.
“In this regard, I have considered a reporting mechanism through quarterly reports by the work streams which will culminate in a report through the Forum of South African Directors General (FOSAD),” he said.
He implored social partners to fully engage with government in its quest for the improvement and growth of the South African economy.
“We look forward to receiving all the reports and expect fruitful deliberations today,” he said.
Inclusive growth
He said the NDP enjoins government and business to work together to promote inclusive growth and development in the country.
“This makes the working group an important platform of engagement in the ongoing quest for a better life for all our people,” he said. - SAnews.gov.za
